JCI Predicted To Touch 7,700 In 2024

JCI (Photo: Doc Antara)

JAKARTA - The Composite Stock Price Index (JCI) will reach the level of 7,700 in 2024. This is supported by the consumption and telecommunications sectors.

"We project the JCI 2024 at 7,700 with the consumption and telecommunications sectors which are our main focus," said Sinarmas Asset Management Chief Investment Officer Genta Wira Anjalu quoting Antara.

He explained, in the short term, domestic market volatility is expected to continue along with global market volatility.

However, entering 2024, it is estimated that the index will get 'fresh air' from the presidential election in Indonesia.

Anjalu said, according to historical data, the JCI experienced strengthening after the election due to more stable political conditions.

On the other hand, in line with the election catalyst and improving consumption, it is estimated that the consumption and telecommunications sectors can record solid performance in 2024.

He said, ahead of the 2024 General Election, the capital market in Indonesia is expected to be excited again, as data in the previous election showed that the JCI and the bond market experienced positive movement before and after the election year.

However, conditions globally are still shrouded in various challenges ranging from the development of US interest rates, China's economic slowdown, and the conditions of geopolitical conflicts that are heating up again.

Meanwhile, Head of Retail Research Sinarmas Sekuritas Ike Widiawati hopes that stock market players can take advantage of the election momentum wisely.

According to him, high volatility is a natural thing in the midst of a period of political transition.

"Make the stock price drop the best time to get stocks at a low price. Such as the famous quote by senior investor Warren Buffett: Be Fearful When Others Are Greedy and Be Greedy When Others Are Fearful," he said.